Dow Jones 30 Forecast Today - 30/07: Seeing Interest (Chart)
Date
7/30/2024 3:08:35 PM
(MENAFN- Daily Forex)
It looks like it's going to be a very noisy session on Monday, but that does make a certain amount of sense considering just how explosive to the upside the Dow Jones Industrial Average was on Friday. That being said, this impulsive candlestick that we formed on Friday tells me that there are plenty of people out there willing to buy, and as long as that's the case, you have to believe that sooner or later a long position will pay off.
Interest Rate Picture Continues to Favor Rotation
Ultimately, this is a
market that has seen a lot of inflows as interest rates changing in America, and the monetary policy of the Federal Reserve will have a major influence on what traders want to be invested in. With this, I am bullish, but I also recognize that we will see a lot of noise along the way. We had recently broken out of a major ascending triangle and then pulled back late last week to test that previous resistance.
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It did offer support, and now that we have not only bounced from there but broke above the top of an inverted hammer from the Thursday session, it tells me that there is most certainly momentum in this market, and it's likely that every time we dip, there will be buyers getting involved, at least in the short term. The ascending triangle measures for a roughly 2500 point move, so we could be talking about the Dow Jones Industrial Average going to the 42,250 level before it's all said and done. This, of course, is a move that doesn't happen overnight. But when you look at the chart, there's nothing on it to suggest it couldn't happen. This is a market that can move rapidly, despite the fact that it has been lackluster for ages, until recently that is.
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